26. Guarantees, commitments and contingent liabilities

Guarantees issued

The breakdown of outstanding guarantees is as follows:

(€ thousand)At
December 31, 2014 
At
December 31, 2013
Change
Guarantees issued      
Other guarantees      
in the interest of Group companies 7,458,805 7,001,699 457,106
in the interest of third parties - - -
Total other guarantees 7,458,805 7,001,699 457,106
Total guarantees issued 7,458,805 7,001,699 457,106

Other guarantees

At December 31, 2014, other guarantees totaled €7,458,805 thousand, increasing €457,106 thousand over December 31, 2013.

All guarantees were issued in the interest of Group companies and were made up as follows:

  • €5,344,944 thousand for six bonds (due between 2015 and 2021), four issued by CNH Industrial Finance Europe S.A. for a total of €3,900,000 thousand, one issued by Case New Holland Industrial Inc. for €1,235,483 thousand, and one issued by CNH Industrial America LLC for €209,461 thousand; 
  • €703,609 thousand for three loans, of which €329,577 thousand related to loans granted to Banco CNH Industrial Capital S.A. by Banco Nacional de Desenvolvimento Economico e Social (BNDES) and Agencia Especial de Financiamento Industrial (FINAME), €291,667 thousand granted to CNH Industrial Finance S.p.A. by European Investment Bank and €82,365 thousand granted to CNH Industrial Finance North America Inc. by Well Fargo Bank; 
  • €1,044,288 thousand for several credit facilities granted from different banks to CNH Industrial Finance S.p.A. (€217,000 thousand), CNH Industrial Finance North America Inc. (€19,869 thousand); CNH Industrial Finance Europe S.A. (€599,320 thousand); CNH Industrial Capital Australia Pty.Ltd. (€80,923 thousand); Case New Holland Machinery (Harbin) Ltd. (€60,992 thousand); Case Construction Machinery (Shanghai) Co. Ltd. (€56,265 thousand);and FPT Industrial S.p.A. (€9,919 thousand); 
  • €21,438 thousand for three property lease guarantees issued to CNH Industrial America LLC in favour of Duke Realty Ltd. Partnership and Centerpoint Properties Trust MD; 
  • €1,812 thousand for three subsidized loans granted to CNH Industrial America LLC by Swift Country Rural Development Authority (MN, USA) and Wisconsin Economic Development Corporation; 
  • €7,137 thousand loan as sponsor support agreement granted by European Bank for Reconstruction and Development to LLC “CNH Industrial (Russia) Industrial Operations”; 
  • €159 thousand for trade fi nance facilities granted to CNH Industrial America LLC by Societé Generale, New York; and 
  • €260,584 thousand for payment obligations related to excess VAT credits of the direct and indirect subsidiaries of CNH Industrial N.V., in addition to other guarantees of €74,834 thousand.

At December 31, 2014, there were no guarantees outstanding issued in the interest of entities that did not belong to Group Companies.